Committee Reports > List of Committees > Dáil > 1973 > Committee of Public Accounts > Interim and Final Report - Appropriation Accounts 1969 - 1970

APPENDIX 4.

CAPITAL FUND

An Cleireach,

An Coiste um Chuntais Phoiblí

At the proceedings of the Committee on 15th July, 1971, I undertook to furnish a note on the Capital Fund.

The Capital Fund was set up under Section 4 of the Central Fund Act, 1956, to receive the equivalent of the proceeds of the Special Import Levy. The Act provided that the Fund might be applied for “any purpose for or towards the cost of which public moneys are provided and which are conducive to the development or improvement of capital resources”.

The Act also provided that any repayment of capital or payment of interest on advances made from the Fund should be credited to the Fund.

As from 1st April, 1959, the Special Import Levy was abolished and as from that date the income of the Fund has been quite small.

In the year ended 31st March, 1971, total receipts came to approximately £450,000 (interest £300,000; principal £150,000). These receipts were applied towards financing the Public Capital Programme.

From time to time the desirability of winding up the Fund was considered but it was felt that it was still making a contribution to our capital finances. The amount involved is now so small however that it is felt that as a “tidying up” operation the fund may be wound up.

Legislation will be necessary before the Fund may be wound up and the Minister for Finance proposes to include this in the next Finance Bill. There are no other funds under the control of the Minister which do not continue to serve a useful purpose.

Department of Finance.

27th January, 1972.